Posts Tagged ‘Technology Stocks’

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Cisco Systems Inc. (CSCO) balloons on quarterly figures

Thursday, August 11th, 2011

Cisco Systems Inc. (Nasdaq: CSCO) shares rose 17.4% to $16.12 Thursday, on analyst upgrades after the networking-equipment maker reported better-than-expected quarter results late Wednesday. Volume for the stock amounted to 119.9 million shares, compared to a daily average of 75.1 million.

A news release put out August 10 stated that Cisco reported fourth quarter net sales of $11.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.2 billion or $0.22 per share, and non-GAAP net income of $2.2 billion or $0.40 per share.

Cisco CEO John Chambers was quoted in the same release as saying, “We’ve made significant progress on our comprehensive action plan to position ourselves for our next stage of growth and profitability, while delivering solid financial results in Q4. As we start our next fiscal year, you will see a very focused, agile, lean and aggressive company that is laser focused on helping our customers use intelligent networks to transform their businesses.”

GAAP net income for the fourth quarter and fiscal year 2011 included pretax charges of $772 million and $923 million, respectively, related to restructuring and other charges.

The San Jose-based Cisco is the worldwide leader in networking that transforms how people connect, communicate and collaborate.

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Cree Inc. (CREE) stock leaps on hearty Q4 earnings

Wednesday, August 10th, 2011

Cree Inc. (Nasdaq: CREE) shares rose 19.2% to $35.15 after the maker of fixtures that use light-emitting diodes late Tuesday reported fourth-quarter earnings that beat expectations. Volume for the stock Wednesday was 15.3 million shares, trumping a daily average of 3.7 million.

A news release Tuesday revealed that Cree announced revenue of $243.0 million for its fourth quarter of fiscal 2011, ended June 26, 2011. This represents an 8% decrease compared to revenue of $264.6 million reported for the fourth fiscal quarter last year and an 11% increase compared to the third quarter of fiscal 2011.

GAAP net income for the fourth quarter of $19.8 million, or $0.18 per diluted share, decreased 63% year-over-year compared to GAAP net income of $52.8 million, or $0.48 per diluted share, for the fourth quarter of fiscal 2010.

Cree CEO Chuck Swoboda was quoted in the same article as saying “Q4 results were in-line with our targets and we are encouraged by the 11% sequential growth in quarterly revenue. Over the last fiscal year, we continued to have success leading the LED lighting revolution and growing our LED lighting business, while at the same time managing through a challenging business cycle for our LED component and LED chip product lines. As we look ahead to Q1, demand has improved from earlier in the calendar year and we are well positioned to continue to lead the LED lighting revolution.”

Based in Durham, North Carolina, Cree claims to be leading the LED lighting revolution, and also boasts it is making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, environmentally friendly LED lighting.

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BroadSoft Inc. (BSFT) leaps on earnings forecast

Monday, August 8th, 2011

BroadSoft Inc. (Nasdaq: BSFT) shares jumped 13.6% to $26.93 after the telecommunications-software maker’s forecast 2011 earnings that topped Wall Street’s consensus estimate. Volume of 4.4 million shares trounced a daily average of less than 700,000.

A news release out Monday, August 8 proclaimed that the Gaithersburg, Maryland-based BroadSoft achieved revenues increased 63% year-over-year to $32.2 million, that license revenue increased 82% year-over-year to $19.2 million

Net income for the second quarter of 2011 was $15.8 million, or $0.57 per diluted common share, compared to a net loss of ($1.8) million, or $(0.20) per basic and diluted common share, for the second quarter of 2010. In addition, GAAP results for the second quarter of 2011 included an income tax benefit of $9.9 million, or $0.36 per diluted common share, resulting from the release of a tax valuation allowance relating to net deferred tax assets.

BroadSoft CEO Michael Tessler was quoted in the same release as saying, “We continue to see demand across our product line grow globally, helping drive our record second quarter financial results. We believe our financial performance for the first half of 2011 demonstrates our ability to execute our long-term strategy of enabling our customers to deliver innovative, real-time communications services to their subscribers.”

For the full year 2011, BroadSoft is increasing its guidance and now expects revenue of $127.0 to $130.0 million, reflecting growth of 33% to 36% over 2010 revenue of $95.6 million.

BroadSoft provides software that enables mobile, fixed-line and cable service providers to deliver voice and multimedia services over their IP-based networks.

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Web.com Group Inc. (WWWW) goes buying, stock rockets

Thursday, August 4th, 2011

Web.com Group Inc. (Nasdaq: WWWW) shares got 31.4% worth of lift to $11.38 late Thursday morning, on Q2 results and acquisition news. Volume for the stock topped 1.4 million shares, compared with a daily average of 421,000.

A Reuters story out August 4 reported that the e-commerce company agreed to buy website services provider Network Solutions to fuel growth, and posted quarterly profit above estimates.

The story also noted that Web.com, which provides web marketing products to small businesses, said purchasing Network Solutions would triple its customer base to about three million subscribers and give significant cross-sell and up-sell opportunities.

Web.com, based in Jacksonville, Florida will pay $405 million in cash, issue 18 million common shares and refinance Network Solutions’ net debt.

Second-quarter profit was helped by a 73% surge in its subscription revenue.

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Global Traffic Network Inc. (GNET) takes flight on takeover bid

Wednesday, August 3rd, 2011

Shares of Global Traffic Network Inc. (Nasdaq: GNET) rose 19.5% to $13.95 after the provider of personalized news information agreed to be purchased by private-equity firm GTCR LLC. Volume for the stock Wednesday was well in excess of two million shares, trouncing a daily average of less than 131,000.

A news release issued August 3 revealed that the Toronto-based company, a leading provider of custom traffic and news reports to radio and television stations outside the United States, announced the proposed takeover.

Under the terms of the agreement, Global stockholders will receive $14.00 in cash for each share of Global’s common stock, which represents approximately a 20% premium over the closing price on Tuesday, August 2, and a 22.7% premium based on the 60-day volume weighted average price of $11.41.

The Company operates the largest traffic and news network in Australia, operates traffic networks in eight Canadian markets and the largest national radio traffic network across the United Kingdom. In exchange for providing custom traffic and news reports, television and radio stations provide Global Traffic Network with commercial airtime inventory that the Company sells to advertisers. As a result, radio and television stations incur no out-of-pocket costs when contracting to use Global Traffic Network’s services.

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